Intellia Therapeutics (NASDAQ:NTLA) Trading Down 7.3% – Here’s Why

Intellia Therapeutics, Inc. (NASDAQ:NTLA) was down 7.3% during mid-day trading on Wednesday . The stock traded as low as $19.51 and last traded at $19.54. Approximately 966,077 shares changed hands during trading, a decline of 37% from the average daily volume of 1,537,756 shares. The stock had previously closed at $21.08.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Stifel Nicolaus reduced their price target on Intellia Therapeutics from $80.00 to $64.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Canaccord Genuity Group restated a “buy” rating and issued a $73.00 price target on shares of Intellia Therapeutics in a report on Thursday, June 27th. JPMorgan Chase & Co. reduced their price objective on shares of Intellia Therapeutics from $61.00 to $55.00 and set an “overweight” rating for the company in a research note on Monday, August 12th. Royal Bank of Canada restated an “outperform” rating and issued a $54.00 target price on shares of Intellia Therapeutics in a research note on Thursday, September 19th. Finally, Evercore ISI upgraded Intellia Therapeutics to a “strong-buy” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Intellia Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.77.

Intellia Therapeutics Stock Performance

The firm’s 50 day simple moving average is $21.02 and its 200 day simple moving average is $22.89. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -3.71 and a beta of 1.76.

Intellia Therapeutics (NASDAQ:NTLA) last posted its earnings results on Thursday, August 8th. The company reported ($1.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.23) by ($0.29). The company had revenue of $7.00 million for the quarter, compared to the consensus estimate of $19.68 million. Intellia Therapeutics’s revenue for the quarter was down 48.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.40) EPS. As a group, sell-side analysts forecast that Intellia Therapeutics, Inc. will post -5.22 earnings per share for the current year.

Insider Activity at Intellia Therapeutics

In related news, CAO Michael P. Dube sold 2,012 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $19.01, for a total value of $38,248.12. Following the completion of the transaction, the chief accounting officer now directly owns 47,012 shares in the company, valued at $893,698.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intellia Therapeutics

A number of large investors have recently bought and sold shares of the business. Blue Trust Inc. grew its position in shares of Intellia Therapeutics by 1,664.3% in the second quarter. Blue Trust Inc. now owns 1,482 shares of the company’s stock valued at $33,000 after purchasing an additional 1,398 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Intellia Therapeutics by 763.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,753 shares of the company’s stock valued at $39,000 after purchasing an additional 1,550 shares in the last quarter. Eastern Bank acquired a new stake in shares of Intellia Therapeutics in the third quarter valued at about $41,000. Values First Advisors Inc. acquired a new position in Intellia Therapeutics during the third quarter worth about $54,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Intellia Therapeutics by 22.1% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,604 shares of the company’s stock worth $58,000 after purchasing an additional 472 shares during the last quarter. Institutional investors and hedge funds own 88.77% of the company’s stock.

About Intellia Therapeutics

Intellia Therapeutics, Inc, a genome editing company, focuses on the development of curative therapeutics. The company's in vivo programs include NTLA-2001, which is in Phase 1 clinical trial for the treatment of transthyretin amyloidosis; NTLA-2002 for the treatment of hereditary angioedema; and NTLA-3001 for alpha-1 antitrypsin deficiency associated lung disease.